The attacks raise concerns about the global oil supply and likely will further increase tensions across the Persian Gulf amid an escalating crisis between the U.S. and Iran over its unraveling nuclear deal with world powers.

In fact, segment leaders like Maruti Suzuki, Tata Motors and Hero MotoCorp have reported de-growth of 34.3 per cent, 45 per cent and 20 per cent, respectively giving a clear indication of a prolonged slowdown in the sector.